GEMSTONE CAPITAL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GEMSTONE CAPITAL
Largest movements
- Cash +€113,289
up €113,289 (+42.0%), from €270,031 to €383,320
- Current investments +€101,373
new in 2025: €101,373
- Financial fixed assets +€49,804
new in 2025: €49,804
- Receivables within one year -€9,390
down €9,390 (-35.1%), from €26,786 to €17,395
of which Other amounts receivable: -€13,452
- Other debts +€228,642
up €228,642 (+28,580%), from €800 to €229,442
- Reserves +€175,000
up €175,000 (+166%), from €105,217 to €280,217
- Profit (loss) carried forward -€135,381
no longer reported in 2025 (was €135,381)
- Tax, wage and social debts -€15,457
down €15,457 (-29.2%), from €52,943 to €37,486
of which Taxes: -€15,820
- Gross operating margin +€53,658
up €53,658 (+35.7%), from €150,199 to €203,857
- Taxes +€12,971
up €12,971 (+29.8%), from €43,465 to €56,436
From the 2023 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €299,652 | €554,485 | +€254,834 | +85.0% |
| Fixed assets | 21/28 | €2,835 | €52,397 | +€49,562 | +1,748% |
| Tangible fixed assets | 22/27 | €2,835 | €2,593 | -€242 | -8.5% |
| Plant, machinery and equipment | 23 | €946 | €2,052 | +€1,107 | +117% |
| Furniture and vehicles | 24 | €1,889 | €541 | -€1,348 | -71.4% |
| Financial fixed assets | 28 | - | €49,804 | +€49,804 | |
| Current assets | 29/58 | €296,816 | €502,088 | +€205,272 | +69.2% |
| Amounts receivable within one year | 40/41 | €26,786 | €17,395 | -€9,390 | -35.1% |
| Trade receivables | 40 | €13,333 | €17,395 | +€4,062 | +30.5% |
| Other amounts receivable | 41 | €13,452 | - | -€13,452 | |
| Current investments | 50/53 | - | €101,373 | +€101,373 | |
| Cash at bank and in hand | 54/58 | €270,031 | €383,320 | +€113,289 | +42.0% |
| Total equity and liabilities | 10/49 | €299,652 | €554,485 | +€254,834 | +85.0% |
| Equity | 10/15 | €245,598 | €285,217 | +€39,619 | +16.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €105,217 | €280,217 | +€175,000 | +166% |
| Distributable reserves | 133 | €105,217 | €280,217 | +€175,000 | +166% |
| Profit (loss) carried forward | 14 | €135,381 | - | -€135,381 | |
| Amounts payable | 17/49 | €54,054 | €269,268 | +€215,214 | +398% |
| Amounts payable within one year | 42/48 | €54,054 | €269,268 | +€215,214 | +398% |
| Trade debts | 44 | €311 | €2,339 | +€2,028 | +653% |
| Suppliers | 440/4 | €311 | €2,339 | +€2,028 | +653% |
| Taxes, remuneration and social security | 45 | €52,943 | €37,486 | -€15,457 | -29.2% |
| Taxes | 450/3 | €51,472 | €35,652 | -€15,820 | -30.7% |
| Remuneration and social security | 454/9 | €1,471 | €1,835 | +€363 | +24.7% |
| Other amounts payable | 47/48 | €800 | €229,442 | +€228,642 | +28,580% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €824 | €1,877 | +€1,053 | +128% |
| Other operating charges | 640/8 | €500 | - | -€500 | |
| Gross operating margin | 9900 | €150,199 | €203,857 | +€53,658 | +35.7% |
| Operating profit (loss) | 9901 | €148,875 | €201,979 | +€53,105 | +35.7% |
| Financial income | 75/76B | €1,309 | €722 | -€587 | -44.8% |
| Recurring financial income | 75 | €1,309 | €722 | -€587 | -44.8% |
| Financial charges | 65/66B | €701 | €800 | +€98 | +14.0% |
| Recurring financial charges | 65 | €701 | €800 | +€98 | +14.0% |
| Non-recurring financial charges | 66B | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €149,482 | €201,902 | +€52,420 | +35.1% |
| Income taxes | 67/77 | €43,465 | €56,436 | +€12,971 | +29.8% |
| Profit (loss) for the period | 9904 | €106,017 | €145,466 | +€39,448 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €106,017 | €145,466 | +€39,448 | +37.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.